Tower Bridge Advisors Sells 86 Shares of Watsco, Inc. (NYSE:WSO)

Tower Bridge Advisors lessened its stake in shares of Watsco, Inc. (NYSE:WSO) by 0.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,312 shares of the construction company’s stock after selling 86 shares during the period. Tower Bridge Advisors’ holdings in Watsco were worth $8,516,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. EntryPoint Capital LLC boosted its stake in Watsco by 100.0% in the first quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after buying an additional 29 shares in the last quarter. Quarry LP bought a new position in shares of Watsco in the second quarter worth about $26,000. Tortoise Investment Management LLC boosted its stake in shares of Watsco by 76.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock valued at $34,000 after purchasing an additional 32 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Watsco during the 3rd quarter valued at approximately $43,000. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Watsco by 30.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock valued at $46,000 after purchasing an additional 22 shares during the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Price Performance

Shares of WSO stock opened at $520.74 on Friday. The company’s fifty day simple moving average is $492.47 and its two-hundred day simple moving average is $482.48. The stock has a market capitalization of $21.03 billion, a price-to-earnings ratio of 40.24 and a beta of 0.88. Watsco, Inc. has a 1 year low of $373.33 and a 1 year high of $545.49.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.51). Watsco had a net margin of 6.99% and a return on equity of 17.77%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the business earned $4.35 EPS. The business’s revenue was up 1.6% on a year-over-year basis. Equities research analysts anticipate that Watsco, Inc. will post 13.06 EPS for the current year.

Watsco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were issued a $2.70 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.07%. Watsco’s payout ratio is 83.46%.

Wall Street Analyst Weigh In

Several equities analysts have commented on WSO shares. Robert W. Baird dropped their target price on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. raised their price target on shares of Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.